3 PASSENGER CARS REGISTRATIONS WORLD In 2015, global passenger car demand showed a modest upgrade (+2.0%), totalling 72.8 million units. This is the result of diverse global demand, with mature markets generally performing well, while many emerging markets are struggling to maintain car sales momentum despite lower oil prices. The EU market continued its positive performance and ended 2015 extremely strongly, thanks to economic improvement and better macro conditions. With 13.7 million passenger cars sold, results for the full year were consistently higher (+9.3%) than in This represents an encouraging development, although the market is still far from being healthy. In fact, the EU market is benefiting from a natural recovery, but still needs to catch up for the losses registered after years of sales decline. The Russian passenger car market finished 2015 with a sharp decline ( 34.9%), as a result of geopolitical tensions as well as the economy s overdependence on oil and gas resources. Likewise, Ukraine showed a similar trend, posting a double digit decline ( 52.5%). Only Turkey ended the year positively (+21.2%), recovering from last year s credit crisis. Overall in Europe 1, sales increased (+2.5%), accounting for 22.9% of the global market. In 2015, the Japanese passenger car market shrank ( 9.9%) compared with 2014, totalling 4.2 million units. This negative performance and weaker domestic demand are mainly the result of the consumption tax rise in The United States closed the year with a positive result (+5.1), although 2015 did not start in a very encouraging way because of inclement weather million passenger cars were sold in the US last year, accounting for 20% of the global market. 1 Includes Belarus, Bosnia Herzegovina, Kazakhstan, Macedonia, Russia, Serbia, Turkey, Ukraine and Uzbekistan ACEA Economic and Market Report: Q

4 Brazil's passenger car sales saw a decline in 2015 ( 25%), due to high inflation, credit constraints and low consumer confidence. The Brazilian market contracted by approximately 700,000 units to 2.1 million passenger cars over the year. Chinese sales have risen in 2015 (+6.5%), also thanks to the government s deduction of tax on the purchase of new cars introduced last October. The Chinese market reached almost 20 million units sold and accounted for more than a quarter of global passenger car sales. Looking at other emerging markets, South Korean sales rose in 2015 (+10.5%) after a lacklustre start of the year, benefiting from a temporary reduction in special consumption tax. Indian passenger car sales increased by 7.2% in 2015, supported by lower oil prices and low inflation. ACEA Economic and Market Report: Q

6 THE EUROPEAN UNION In December 2015, the EU passenger car market posted a very strong uplift (+16.6%), amounting to 1,109,927 units and marking the 28th consecutive month of growth. This is the highest percentage increase since the beginning of the positive trend. All major passenger car markets ended 2015 strongly, contributing significantly to the full year positive result. Spain (+20.7%), Italy (+18.7%) and France (+12.5%) posted double digit percentage gains during the month, followed by the UK (+8.4%) and Germany (+7.7%), which also performed better than in December In 2015, new passenger car registrations increased (+9.3%), totalling 13,713,526 units. Nevertheless, this result is only now passing levels registered in 2010, immediately after the economic crisis. In other words, the trend is positive but volumes remain low in absolute terms. Looking at the five major EU markets, Spain (+20.9%) and Italy (+15.8%) saw the strongest growth in demand during the year, followed by France (+6.8%), the UK (+6.3%) and Germany (+5.6%), which posted a robust performance in Table 3: Top 5 New passenger car registrations in the EU % change 15/14 Germany 3,206,042 3,036, United Kingdom 2,633,503 2,476, France 1,917,226 1,795, Italy 1,574,872 1,360, Spain 1,034, , EU 7 13,713,526 12,551, Source: ACEA 7 Data for Malta not available ACEA Economic and Market Report: Q

8 PRODUCTION WORLD Production in Europe showed contrasting signals during On the EU perimeter (+6.2%) and in Turkey (+2.7%), passenger car production increased. However, production shrank in Russia ( 28.4%) and Ukraine ( 79.8%) due to geopolitical tensions in the region. As a result, European passenger car production only showed modest growth in 2015 (+2.0%) In 2015, US output increased (+2.7%) reaching 9.3 million units, based on the continuing growth of its domestic demand. Passenger car production in South America, on the other hand, dropped significantly ( 19.1%) over the year. In Brazil several factors, including high inflation and interest rates, are affecting production. Brazilian production declined ( 19.8%) in 2015 compared to levels a year earlier, to a total of less than 2 million passenger cars. Growth of Chinese passenger car production slowed during the year (+3.8% in 2015, down from +9.6% registered during the first half of the year), reaching 18.1 million units. However, China maintained its leading position among passenger car producers, accounting for a quarter of global production. Japanese production decreased ( 6.4%) to 7.6 million units in 2015, because of stagnant domestic sales, following the consumption tax increase in South Korean production totalled 4.2 million units last year. This translates into roughly the same outcome (+0.1%) as in In 2015, Indian passenger car production increased (+7.3%) to 3.3 million units, largely fuelled by strong domestic sales and improved economic sentiment following the election of a new government. Indonesia s production remained well below 1 million units, down 14.7% compared to This decline in production was primarily due to weakening domestic demand as a result of a slowdown in economic growth, increasing inflation and high interest rates. Thailand, on the other hand, showed signs of recovery and ended the year positively (+6.1%), after 2014 s military coup, thanks to robust export growth. ACEA Economic and Market Report: Q

13 IMPORTS Japan (+15.1%) and the US (+41.3%) accounted for the highest import value for passenger cars in 2015, closely followed by Turkey (+15.8%) and South Korea (+8.0%). Together, these countries represent more than 70% of the total value of all car imports into the EU. In 2015, most of the passenger cars imported into the EU came from Turkey (+11.6%), followed by Japan (+9.2%) and South Korea (+7.7%), the latter making up for its negative performance in the first part of the year. Table 7: Origin of most passenger car imports Trade in value ( m) % change 15/14 World 32,484 26, Japan 7,692 6, United States 6,940 4, Turkey 5,051 4, South Korea 4,329 4, South Africa 2,400 1, Source: Eurostat Table 8: Origin of most passenger car imports Trade in volume (units) % change 15/14 World 2,503,845 2,221, Turkey 527, , Japan 478, , South Korea 374, , United States 241, , Morocco 169, , Source: Eurostat ACEA Economic and Market Report: Q

14 EXPORTS In 2015, the United States was the EU s most valuable export market, importing 1.2 million passenger cars worth 40 billion, followed by China, accounting for exports worth 18 billion. In volume terms, the US remained the EU's main market for passenger car exports (representing 21% of the total), followed by Turkey and China. These countries together represent roughly 40% of the EU export market. China was the only major export partner to show a decrease last year, in both volume ( 22.8%) and value terms ( 23.7%). Table 9: Main destinations of EU passenger car exports Trade in value ( m) % change 15/14 World 129, , United States 40,439 29, China 17,920 23, Switzerland 7,615 6, Turkey 7,455 5, South Korea 6,911 4, Source: Eurostat Table 10: Main destinations of EU passenger car exports Trade in volume (units) % change 15/14 World 5,696,831 5,513, United States 1,222, , Turkey 531, , China 470, , Switzerland 301, , Japan 247, , Source: Eurostat ACEA Economic and Market Report: Q

15 COMMERCIAL VEHICLES REGISTRATIONS IN THE EU In December 2015, EU demand for new commercial vehicles saw a strong increase (+14.8%), totalling 191,826 units over the month and marking one year of consecutive growth. Growth was significantly sustained across all commercial vehicle segments. Italy (+23.2%), Spain (+23.0%) and the UK (+20.3%) ended the year strong by posting double digit percentage gains in December, followed by France (+9.4%) and Germany (+8.7%). In 2015, the EU market showed a consistent uplift (+12.4%) and rose for the third year in a row, exceeding two million commercial vehicles registered (2,079,322). During the year, Spain (+36.4%) showed the most significant increase, followed by the UK (+16.7%), Italy (+13.2%), Germany (+4.3%) and France (+3.1%) all performing better than in Table 11: New commercial vehicle registrations in the EU by type % change 15/14 LCV 3,5t 1,713,850 1,535, % MHCV >3,5t 325, , % MHBC>3,5t 39,783 33, % TOTAL CV 2,079,322 1,849, % Source: ACEA ACEA Economic and Market Report: Q

20 GLOBAL PRODUCTION In 2015, European 12 commercial vehicle production posted substantial growth (+9.2%), reaching about 3.2 million units, mainly driven by an increase in domestic demand for commercial vehicles, especially in the van and truck segments. This has been broadly supported by improving economic conditions in many parts of the Eurozone, which have helped to stimulate confidence. In addition, as a result of the introduction of the new Euro VI emission regulations at the beginning of the year, some markets took advantage of scrappage incentives (eg the Spanish government s PIVE plan to encourage fleet renewal). Commercial vehicle production in China 13 declined ( 10.8%) to 5.7 million units, mainly influenced by weak demand in the light commercial vehicle segment. Growth of Japanese production also decelerated, as domestic sales have been falling since last year s consumption tax increase. This resulted in a stable production figure of around 1.7 million units for the whole region 14. South America saw its commercial vehicle production fall ( 11.8%) to about one million units as a consequence of the region s economic slowdown and Brazil s recession. 12 Includes Turkey and CIS countries 13 Includes Hong Kong and Taiwan 14 Includes Japan and South Korea ACEA Economic and Market Report: Q

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